Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-12-07

/ mont When we consider that the theory OF our
/ institutions guarantees 20 eYcry citizen inc iuh
! enjoyment OF oil the fruit Of his Industry
and enterprise with only such deduction
~ may be his share towards the careful
ana economical maintenance OF the Govern
mont which protects him. II Is PLATA mat tho
oxacfiOn Of more than This IA an indeiensiolc eX-
forton ard culpaDle betrayal OF Amei lean lair
} ness and justice. This wrong inflicted upon
I those Who bear the burden OF national TAXATION
Z Ike other wrongs multiplics brood 81 eYll con-
{ sequences. The public treasury. which should
I only exist as a conduit conveying ;he peoples
tribute 10 f.. legitimate object Of expenditure,
becomes boarding place Tor money need'ensy
Withdrawn from uade and tho peoples use, mus
Gripping om national energies, suspendlng our
couutry's developments preventing investmcnt
I in productive enterprise, threatening lnanclal
disturbance, and inviting schemes Of pubic
plumber
This condition Of our Treasury "a not alto
+ gether new, and u has more than once OF late
been submitted 70 the peODle's representatives
+ IN the Congress, who alone can apply remedy
Ana yet the situation stlll continues with agra
waited incidents, more than ever presnging man,
cial CONFUSION and widespread disaster. II VIII
not do 10 neglect this situation because IT'S dan
gers are not nov palpably imminent ana appa-
rent They exist none tho less certainly, ana
await the unforeseen and unexpected occasion
/ when suddenly they will be precipiia'ed upon
us.
/ On the Both day Of June, 1855, the excess Of
| revenues over public expenditures. after com
/ plying with the annual requirement OF the sink
/ ing-tund excess, was Slf.Sjs 1881; during the
/ year ended June 80. 1886. such excess amounted
10 $50 s05, $500; and during The year ended June
20, lss1. 1t reached the sum Of fj5,j5' ,sis.j4.
THE SINKING FUND.
| The annual contribution to the sinking fund
/ during the three years above specified. amount
| ing In the aggregate 70 SlSS,05S,j20.9t. aud de-
Quoted from the surplus as stated, were mnde
I by calling IA for that purpose outstanding per
cent bonds Of the Government. During tho
fo
revenue had grown so large by repeated ac-
I cumulatiOns. and II was feared the with
drawal OF this great sum OF money needed
/ 10y the people would 80 affect tho busl-
ness Of the country that the sur OF S'9,-
/ S6ilO0 q such surplus was applied 10 the
payment q The principal and interest OF the
per cert. bonds still outstanding, and which were
Z then payable al the option OF the Government.
The p.ecariOus condition OF financial affairs con-
tinuod among the people etill needing relief,
Immediately after the Both day Of June. 1877, the
remainder Of the per cent. bonds then out
standing amounting with principal and interest
/ 10 Tho sum Of SissG6OO, were caEed IN ana
/ applied 10 the sinking-iund contribution Tor
/ the current fiscal year. Notwithstanding these
operations Of tho Trc isury Department,
representations Of distress in business ciIcles
not only continued but increased, ana absolute
/ peril seemed az hand. r. these circumstances
/ the contribution TO the sinking fund for the cur
rent fiscal year was at once completed by the
/ expenditure Of SH,6Si2S25j In the purchase OF
/ Government bonds not yet due. bearing ana
! Averaging about . per cent. Tor the former
and per cent for the Inter IN addition
I to this the interest accruing during The
/ current year upon the outstanding oOnded
I Indebtedness OF the Government was TO some
extent anticipated, and banks selected as
/ repositories Of public money were per-
United to somewhat increase their deposits.
| While the cXpcdicnt thus employed 70 release
/ 20 the people the money lying idle in the Irea-
/ sury served 70 avert immediate dangers, our
/ surplus revenues have continued TO accumultie,
\ arrnf az
ing on the Let day Of December 30 {55.25S,50l.lS,
and estimated 10 reach the sam Of til300.50O on
| tho 30th Of June next at which date 10 Is eX-
| pected that this sum. added 10 prior accumula-
lions, VIII swell the surplus In the Treasury 20
/ {li0O00NO0 There seems 10 DO no assurance
that, with such n withdrawal from use Of the
peoples circulating medium, our business COM
munity may not in the near future be sub
iected 10 the same distress which was quite late
! ly produced from the same cause; ana while ule
/ functions Of our national Treasury should be
few and simple, aud while lis best condition
would be reached, ! believe, by H. entire dis
I connection with private business interests. yet
when 10y perversiOn OF It's purposes 10 idly holds
money uselessly subtracted from the channels
Of trade there seems 10 be reason Tor the claim
that some legitimate means should be devised
/ By The Government 10 restore in an emergency,
without waste or extravaganza, such money 20
! its place among the people.
10 CLEAR EXECUTIVE POWER
il such emergency arises there now exists
/ no clear and undoubted executive power of
| relief. Heretofore the redemption Of per
| cent bonds, which We're payable at the option
I OF the Government. has offered n means OF
| disbursement Of INV vAcces of our revenues; but
| these bonds have all been retired, and there are
/ no bonds outstanding the payment OF which we
/ have the right 70 insist upon The contribution
| TO the sinking fund which furnishes the Ccca
l sion for expenditure In the purchase Of bonds
has been already made for tho current year, 50
that there is no outlet in that direction
In the present state of legislation The only pre-
] tence Of any existing Executive power TO restore
/ at this time any part Of our surplus revenues 20
/ the people by its expenditure consists in the
1 suppOsItiOn that the Secretary OF the Treasury
/ may enter the market and purchase the bonds of
! the Government not yet due al rate Of premium
/ 10 be agreed upon. The only provision OF law
/ from which such power could be derived Is
/ found In an appropriation bin passed a num-
I Der of years ago; and IL Is subject TO the sus-
/ piciOn that il was intended as temporary and
/ limited In its application, Instead comforting
/ continuing discretion anC authority. No con
dition ought to exist which would justify the
grant Of power to a single Official, upon his ludg-
ment Of its necessity, TO withhold from or re-
| lease 10 tue business Of the people IN an unu-
| susl manner money held in the Treasury, and
/ thus affect at his will the financial situation OF
the country; and IL It is deemed wise TO lodge IN
the Secretary Of the Treasury tho authority in
| tue present Iuncture 10 purchase bonds II SHOULD
! be plainly vested and provided "a far as posi-
| bile with such checks and limitations az will de-
ine this officials right and discretion. aud at the
same time relieve him from undue response
bilty.
PURCHASING BONDS.
In considering the question Of purchasing
/ bonds 0s q means OF restoring 70 circulation the
| surplus money accommodating In the Treasury II
! should be borne In mind that premiums must OF
course be paid upon such purchase; that there
| may be large part OF these bonds held a. IN
VestmcntS which cannot be purchased az any
! price. and that combinations among holders who
/ are willing 10 sell may unreasonably enhance
/ the cost OF such bends 10 the Government.
IL has been suggested that the present bonded
DEBT might be refunded al less rate Of Interest,
and the difference between The old and new Sc
! curities in cash thus finding use for tho sur
/ plus In the Treasury. The success OF this plan.
! 1t Is apparent must depend upon the yoliton Of
| thehOlters of the present bonds, and IL IL not
| entirely certain that the induccment which
must be offered would result In more financial
benefit TO The Government than tho purchase of
bonds. Mhilo the latter proposition would re-
duce the principal OF the debt by actual pay
ment, instead OF extending II, the proposition 10
I deposit tie money held by the Government ia
/ banks throughout the country Tor use 10y
/ the people IL, 10 seems 10 me, exceed
ngly Objectionable In principle as estaD-
Z fishing too close q relationship between
/ the operations OF the Government Treasury
and the business of the country aud too exterfa
siye collection OF t1eir money, thus fostering an
unnatural reliance Ia private business on pubic
funds II this scheme should DO adopted 1t
should only he done as temporary eXpedlont
/ 10 meet an urgent necessity. Legislative and
executive effort should generally be in the oppo-
I site direction ami should have a tendency 10
divorce az much and rs fast as can safely Do
done the Treasury Department from private en-
( terprise.
AGAINST EXTRAvAGANT APPROPRIATIONS
OF course Il is not expected that unnecessary
and extravagant appropriations viii be made for
/ the purpose Of avoiding the accumulation OF an
excess OF revenue such expenditure, beside the
demoralizati n Of all Just conceptions Of public
/ duty which II entails, stimulates habit Of reck-
T less AprOvdence not in the least consistent
with the mission OF our people or the high ami
! benencent purposes Of our Government | have
deemed IL my duty 10 thus bring 10 tho know
/ ledge Of my cOuntrymon. as well as 10 the
attention OF their representatives charged
I with the responsibility OF legislative re-
Lief the gravity Of our financial situation.
The failure OF the Congress heretofore
10 provide against the dangers which Il was quite
I evident the very nature Of the difficulty must
necessarily produce has caused = condition OF
financial distress and apprehensHh since your
Z last adjournment which taxed 20 the utmost all
the authority and e1pedients within executive
/ control, and these appear now 10 be exhausted.
/ II disaster results from the continued inactiOn
] Of Congress the responsibility must rest where
I IL belongs. Though the situation thus far con-
I sdered Is fraught with danger whicn should be
fully realized. and though II presents features Of
wrong TO the people az well as peril TO the coun-
try, Il Is but result growing out Of perfectly
/ palpable AT apparent cause, constantly repro
/ ducDg the same alarming circumstances
I c0ngesied national trca ury and depleted
/ monetary condition Ia the business 81 the coun-
I try. liz need hardly IA sfated Tint while the